Avon Protection has seen a further underpinning of its FY21 revenue expectations following the award of a dual-source framework supply contract from the US Army for the supply of next generation body armour plates as part of its Soldier Protection System. It is the first major award since the acquisition of the new Helmets & Armor operation in January 2020. The award was anticipated in guidance and there is no change to our expectations but it clearly adds to sales cover for our FY21 estimates. Avon is trading on a FY21e P/E of 23.8x, reflecting its continuing positive momentum.